The EURCAD reacted nicely the last time it moved into an inflection zone and pushed down (first Blue box). The longer term chart is calling for lower prices, significantly so. With all of the commodities starting to suggest that their consolidation and period of deviation is coming to an end, the prospects for the commodity currencies is growing.
The Bank of Canada has turned notably hawkish in recent days with two key speakers implying that the period of accommodation is coming to an end. If that is true the CAD should remain supported going forward along with the AUD and the NZD which the market tends to view as one group hence they rise and fall together.
As always the blue area represents the price zone a pullback of the correct size might be considered to be complete.